Turiya sells 2.08% stake in Academic Medical Centre

PETALING JAYA: Turiya Bhd is disposing of a 2.08% stake in Academic Medical Centre Sdn Bhd (AMC) for RM12.5 million.
The company said in a filing with the stock exchange that it had entered into a share sale and purchase agreement with Chase Perdana Sdn Bhd for the disposal.
Following the proposed disposal, AMC will cease to be an associate company of Turiya.
AMC is involved in the establishment and management of hospital, medical college, medical research centre and allied health sciences.
Based on the audited accounts as at Dec 31, 2015, AMC had net liabilities of RM37 million and profit of RM19.12 million. However, its cumulative losses stood at RM196 million.
Turiya said the proposed disposal is in line with its strategic direction to streamline its operation in order to focus on businesses and ventures which are viable and profitable in the mid to long term.
Turiya shares were untraded.